Discover the affordability of your FHA loan with our easy-to-use calculator – simply input your details and find out your monthly payments in seconds. Quickly see how much interest you could pay and your estimated principal balances. Start by selecting your mortgage details on the right and the calculator will update automatically. Click the plus icon or hover over the chart to see the amount of each breakdown. You can even see how much you will pay over the life of your loan as well as the estimated monthly amortized schedule by clicking “Over time” and “Amortization” in the view bar.
This calculator is for illustrative purposes only and does not reflect availability of programs or all possible costs including, but not limited to, mortgage insurance or special tax assessments. Actual payment will vary based on factors such as points, loan-to-value, borrower’s credit, property type and occupancy. Minimum credit score required. Not a commitment to lend.
FHA loans are mortgages insured by the Federal Housing Administration (FHA), a government agency within the U.S. Department of Housing and Urban Development. Because FHA loans are backed by the federal government, they require lower down payments (just 3.5% for most borrowers), lower closing costs, and easier credit qualifying.
Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. Two mortgage insurance premiums are required on all FHA loans: The upfront premium is 1.75% of the loan amount and is paid when the borrower gets the loan. This tool assumes that the upfront premium is financed as part of the loan amount instead of paid in cash. The second FHA mortgage insurance premium is called the annual premium, although it is paid monthly. It varies based on the length of the loan, the loan amount and the initial loan-to-value ratio, or LTV.